Oklahoma fund shows jump in corporate income taxes

OKLAHOMA CITY (AP) — Oklahoma's secretary of finance and revenue says corporate income tax collections increased in March while total collections to the state's general revenue fund declined due in part to lower natural gas revenues.

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By Associated Press

The Shawnee News-Star

By Associated Press

Posted Apr. 9, 2013 at 1:14 PM

By Associated Press

Posted Apr. 9, 2013 at 1:14 PM

OKLAHOMA CITY (AP) — Oklahoma's secretary of finance and revenue says corporate income tax collections increased in March while total collections to the state's general revenue fund declined due in part to lower natural gas revenues.

Secretary Preston Doerflinger said Tuesday that collections totaled about $414 million in March. That's about $20 million below collections in March 2012 and $61 million lower than the official budget estimate.

Doerflinger says the revenue figures are somewhat skewed due to the unusual amount of income tax refunds in recent months. The Oklahoma Tax Commission says taxpayer refunds in March were $34.2 million higher than they were a year ago.

Officials say personal income tax collections should return to normal for the final three months of the state's fiscal year that ends June 30.